- Lundin Gold exceeded its 2020 production guidance and beat its H2 2020 guidance across all metrics including gold production, average mill throughput, average head grade, and average all-in sustaining costs.
- The company provided 2021 guidance of 380,000 to 420,000 ounces of gold production with average all-in sustaining costs of $770 to $830 per ounce.
- Lundin Gold is focused on ongoing construction projects and an expansion to increase mill throughput to 4,200 tpd by Q4 2021, which is expected to increase annual gold production by 20%.
Lundin Gold provides a corporate presentation for February 2021 that includes the following key points in 3 sentences:
It cautions readers that the presentation contains forward-looking statements regarding estimates, costs, production plans, and exploration activities which are subject to risks and uncertainties. It summarizes 2020 operating results which exceeded guidance and its plans for throughput expansion to 4,200 tpd in 2021. It also discusses ongoing construction projects, an increased mineral reserve estimate, ongoing exploration drilling with high priority targets, and its COVID-19 response and responsible mining strategies.
Lundin Gold provides a corporate presentation that includes the following:
- Cautionary language regarding forward-looking statements and inherent risks and uncertainties.
- Details achieving commercial production ahead of schedule in 2020 but operations were temporarily suspended due to COVID-19, restarting in July with strict protocols.
- Highlights beating 2020 guidance for gold production, average throughput, and all-in sustaining costs driven by stronger than expected recovery, grade, and throughput.
Lundin Gold provided a corporate presentation in May 2021 that included the following key points:
- The company remains on track to meet 2021 production guidance of 380,000 to 420,000 ounces of gold at an AISC of $770 to $830 per ounce.
- Probable mineral reserves increased 5% to 5.24 million ounces of gold with a 14-year mine life.
- Exploration drilling commenced in Q1 2021 targeting the expansion of resources at Fruta del Norte and discovery of another large deposit.
- Construction projects are progressing on schedule including the throughput expansion to 4,200 tpd by Q4 2021.
- The corporate presentation provides an overview of Lundin Gold's Fruta del Norte gold mine in Ecuador, highlighting its first half 2020 results, second half 2020 outlook, and future growth potential.
- Operations were temporarily suspended in March 2020 due to COVID-19 but restarted in July 2020. Gold production for 2020 is estimated to be 200,000-220,000 ounces.
- Lundin Gold is evaluating opportunities to increase throughput at the mine and mill to 4,000-4,500 tonnes per day by 2021.
- Exploration drilling is planned at the high priority Barbasco target later in 2020 to test for extensions of the Fruta del Norte deposit.
The corporate presentation provides an overview of Lundin Gold's operations and outlook. It discusses restarting operations after a temporary COVID-19 suspension, with plans to ramp up milling and mining. Production is expected to be 200,000-220,000 ounces of gold in 2020. Exploration will also begin on high priority targets within the company's land package. Strict COVID-19 protocols are in place to protect the workforce as operations continue.
The document provides an overview of Lundin Gold's virtual non-deal roadshow held on October 19, 2021. It includes standard cautionary language about forward-looking statements and references that actual results could differ from expectations. Key details summarized include:
- Lundin Gold owns the Fruta del Norte gold mine in Ecuador which is in production.
- 2021 production guidance is between 350,000-420,000 ounces of gold at an all-in sustaining cost of $770-$830 per ounce.
- The company is working to expand throughput to 4,200 tonnes per day by the fourth quarter of 2021 and continues exploration drilling and development projects.
- Lundin Gold held a third quarter 2021 results conference call on November 10, 2021 to discuss strong operational and financial results.
- Production for the quarter was 107,663 ounces of gold, keeping the company on track to meet 2021 guidance of 380,000-420,000 ounces.
- The mill expansion to 4,200 tonnes per day was completed on schedule and on budget.
- Exploration drilling continued during the quarter at the Puente-Princesa target near Fruta del Norte, with initial results expected in Q1 2022.
Lundin Gold provided guidance for 2021 that incorporates a throughput expansion project to increase production. Production is estimated to be between 380,000 to 420,000 ounces of gold at an average head grade of 10.4 g/t and recovery of 90%. All-in sustaining costs are estimated between $770 to $830 per ounce. Probable mineral reserves increased 8% to 5.41 million ounces of gold. Lundin also outlined exploration plans to start a $11 million drill program to test targets near Fruta del Norte, with the aim of discovering another high-grade epithermal deposit.
Lundin Gold provides a corporate presentation for February 2021 that includes the following key points in 3 sentences:
It cautions readers that the presentation contains forward-looking statements regarding estimates, costs, production plans, and exploration activities which are subject to risks and uncertainties. It summarizes 2020 operating results which exceeded guidance and its plans for throughput expansion to 4,200 tpd in 2021. It also discusses ongoing construction projects, an increased mineral reserve estimate, ongoing exploration drilling with high priority targets, and its COVID-19 response and responsible mining strategies.
Lundin Gold provides a corporate presentation that includes the following:
- Cautionary language regarding forward-looking statements and inherent risks and uncertainties.
- Details achieving commercial production ahead of schedule in 2020 but operations were temporarily suspended due to COVID-19, restarting in July with strict protocols.
- Highlights beating 2020 guidance for gold production, average throughput, and all-in sustaining costs driven by stronger than expected recovery, grade, and throughput.
Lundin Gold provided a corporate presentation in May 2021 that included the following key points:
- The company remains on track to meet 2021 production guidance of 380,000 to 420,000 ounces of gold at an AISC of $770 to $830 per ounce.
- Probable mineral reserves increased 5% to 5.24 million ounces of gold with a 14-year mine life.
- Exploration drilling commenced in Q1 2021 targeting the expansion of resources at Fruta del Norte and discovery of another large deposit.
- Construction projects are progressing on schedule including the throughput expansion to 4,200 tpd by Q4 2021.
- The corporate presentation provides an overview of Lundin Gold's Fruta del Norte gold mine in Ecuador, highlighting its first half 2020 results, second half 2020 outlook, and future growth potential.
- Operations were temporarily suspended in March 2020 due to COVID-19 but restarted in July 2020. Gold production for 2020 is estimated to be 200,000-220,000 ounces.
- Lundin Gold is evaluating opportunities to increase throughput at the mine and mill to 4,000-4,500 tonnes per day by 2021.
- Exploration drilling is planned at the high priority Barbasco target later in 2020 to test for extensions of the Fruta del Norte deposit.
The corporate presentation provides an overview of Lundin Gold's operations and outlook. It discusses restarting operations after a temporary COVID-19 suspension, with plans to ramp up milling and mining. Production is expected to be 200,000-220,000 ounces of gold in 2020. Exploration will also begin on high priority targets within the company's land package. Strict COVID-19 protocols are in place to protect the workforce as operations continue.
The document provides an overview of Lundin Gold's virtual non-deal roadshow held on October 19, 2021. It includes standard cautionary language about forward-looking statements and references that actual results could differ from expectations. Key details summarized include:
- Lundin Gold owns the Fruta del Norte gold mine in Ecuador which is in production.
- 2021 production guidance is between 350,000-420,000 ounces of gold at an all-in sustaining cost of $770-$830 per ounce.
- The company is working to expand throughput to 4,200 tonnes per day by the fourth quarter of 2021 and continues exploration drilling and development projects.
- Lundin Gold held a third quarter 2021 results conference call on November 10, 2021 to discuss strong operational and financial results.
- Production for the quarter was 107,663 ounces of gold, keeping the company on track to meet 2021 guidance of 380,000-420,000 ounces.
- The mill expansion to 4,200 tonnes per day was completed on schedule and on budget.
- Exploration drilling continued during the quarter at the Puente-Princesa target near Fruta del Norte, with initial results expected in Q1 2022.
Lundin Gold provided guidance for 2021 that incorporates a throughput expansion project to increase production. Production is estimated to be between 380,000 to 420,000 ounces of gold at an average head grade of 10.4 g/t and recovery of 90%. All-in sustaining costs are estimated between $770 to $830 per ounce. Probable mineral reserves increased 8% to 5.41 million ounces of gold. Lundin also outlined exploration plans to start a $11 million drill program to test targets near Fruta del Norte, with the aim of discovering another high-grade epithermal deposit.
- Lundin Gold provided a corporate presentation in May 2021 that included cautionary statements regarding forward-looking information and statements, noting inherent risks and uncertainties.
- The presentation highlighted operational excellence, reserve growth through conversion to long hole stoping, the throughput expansion project, and regional exploration programs.
- In Q1 2021 Lundin Gold produced over 51,000 ounces of gold and remained on track to meet 2021 production guidance.
- Lundin Gold provided a corporate presentation in May 2021 that included cautionary statements regarding forward-looking information and statements, noting inherent risks and uncertainties.
- The presentation highlighted operational excellence, reserve growth through conversion to long hole stoping, the throughput expansion project, and regional exploration programs.
- In Q1 2021 Lundin Gold produced over 51,000 ounces of gold and remained on track to meet 2021 production guidance.
Calibre Mining is building a growth-oriented, Americas-focused mid-tier gold producer through the combination of Calibre and Fiore Gold. The combined company will have annual production of approximately 245,000 ounces at an AISC of $1,020/oz, diversified production across Nicaragua and Nevada, and a strong balance sheet with $101 million in cash and no debt. Calibre plans to grow production organically through exploration and development of its pipeline of projects including Eastern Borosi in Nicaragua and Gold Rock in Nevada.
- Lundin Gold held a conference call to discuss its second quarter 2021 results
- The company produced over 108,000 ounces of gold in the first half of 2021 and remains on track to meet its full year guidance of 380,000-420,000 ounces
- Expansion projects continue on schedule, with the mill expected to reach 4,200 tonnes per day throughput in Q4 2021
- Exploration drilling is underway to expand resources at the Fruta del Norte deposit and test new targets, with over 7,000 meters drilled so far in 2021
This corporate presentation provides an overview of Lundin Gold's Fruta del Norte gold project in Ecuador. It discusses:
1) Lundin Gold achieved commercial production at Fruta del Norte one month ahead of schedule in 2020, though operations were temporarily suspended due to COVID-19. Production for 2020 exceeded guidance.
2) Guidance for 2021 estimates production of 380,000-420,000 ounces of gold, with throughput expansion planned to increase average throughput from 3,500 tpd to 4,200 tpd in Q4 2021.
3) Probable mineral reserves for Fruta del Norte increased 8% to 5.41 million ounces of gold following conversion of drift and fill areas to long
Lundin Gold provided a corporate presentation at the Gold Forum Americas 2021 that included the following key points:
- The company is on track to meet its 2021 production guidance of 380,000-420,000 ounces of gold and all-in sustaining costs of $770-$830 per ounce.
- Exploration drilling continues at the Fruta del Norte mine with the goal of expanding resources and discovering another large deposit.
- Construction is progressing on the mill expansion project, which is expected to increase throughput to 4,200 tonnes per day by the fourth quarter of 2021.
- Lundin Gold continues to generate strong cash flows and has a robust balance sheet to fund ongoing operations and projects.
The document summarizes Lundin Gold's Precious Metals Summit 2021, held November 15-16, 2021. It discusses Lundin Gold's operational excellence, reserve growth, throughput expansion, and exploration activities. Key points include producing 107,663 ounces of gold in Q3 2021, with year-to-date production of 320,599 ounces. Lundin Gold is on track to meet its 2021 production guidance of 380,000-420,000 ounces. It also discusses the company's strong cash position of $221.8 million as of September 30, 2021, ongoing construction projects, and resource expansion and regional exploration drilling programs.
This corporate presentation provides guidance for Lundin Gold's 2021 operations and exploration plans. It also discusses Lundin Gold's COVID-19 protocols and community support programs. Key points include:
- 2021 gold production is estimated between 380,000 to 420,000 ounces at an average mill throughput of 3,500 tonnes per day increasing to 4,200 tonnes per day in Q4.
- Remaining construction projects include completing the South Ventilation Raise and the Zamora River Bridge.
- A $18.6 million throughput expansion is expected to increase production by 20% starting in Q3 2021.
- Exploration drilling will target resource expansion near Fruta del Norte and test new targets including Bar
This corporate presentation provides guidance for Lundin Gold's 2021 operations and exploration plans. It also discusses Lundin Gold's COVID-19 protocols and community support programs. Key points include:
- 2021 gold production is estimated between 380,000 to 420,000 ounces at an average mill throughput of 3,500 tonnes per day increasing to 4,200 tonnes per day in Q4.
- Remaining construction projects include completing the South Ventilation Raise and the Zamora River Bridge.
- A $18.6 million throughput expansion is expected to increase production by 20% starting in Q3 2021.
- Exploration drilling will target resource expansion near Fruta del Norte and test prospects like Barbas
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
- The document summarizes Lundin Gold's fourth quarter 2020 results conference call, which discussed the company's strong operational and financial performance in the second half of 2020 despite challenges from the COVID-19 pandemic.
- Lundin Gold exceeded its production, throughput, grade, and cost guidance for the second half of 2020 and achieved commercial production ahead of schedule in February 2020.
- Construction continues on projects to expand throughput and improve ventilation, with completion expected in the first half of 2021.
- Guidance for 2021 incorporates the planned throughput expansion to over 4,000 tpd by the fourth quarter.
Lundin Gold beat its 2021 gold production guidance and is providing guidance for 2022 of 405,000 to 445,000 ounces of gold production. The company generated $417.8 million in operating cash flow in 2021 and ended the year with $262.6 million in cash. Lundin Gold also continues exploration drilling and construction of the South Ventilation Raise project, with anticipated completion in Q2 2022. The company's strong cash flow positions it to deliver value to shareholders.
The 25th Annual CIBC Western Institutional Investor Conference will take place from January 19th to 21st, 2022. Lundin Gold provides forward-looking statements and cautions that actual results could differ from expectations. Lundin Gold exceeded 2021 gold production guidance and is focused on operational optimization. For 2022, Lundin Gold guidance is for 405,000 to 445,000 ounces of gold production. Lundin Gold has a multi-year outlook showing strong and sustainable free cash flow generation.
Silvercorp Metals is a Canadian mining company and China's premier silver producer. It operates three silver-lead-zinc mines in China - the Ying Mining District, GC Mine, and BYP Mine (currently on care and maintenance). Over its 15+ year mine life at the Ying District, Silvercorp has produced 79 million ounces of silver, 1.1 billion pounds of lead and zinc, and distributed $498 million in profits. Silvercorp is focused on organic growth through exploration and expanding existing operations, as well as pursuing acquisition opportunities. It also has strategic investments in other mining companies. The presentation discusses Silvercorp's operating and financial performance, reserves and resources, growth strategy, ESG objectives, and analyst
This corporate presentation from Solaris Resources provides an overview of the company's copper and gold portfolio in the Americas. Solaris' flagship project is the high-grade Warintza copper project in Ecuador, which has an open pit resource within a large area with potential for further discoveries. The company is also exploring earlier stage copper and gold projects in Chile and Peru for additional discovery potential. Solaris' exploration programs are designed by David Lowell and led by Jorge Fierro to leverage drilling for resource growth and new discoveries. The company is well funded with $47 million in cash and support from strategic partners and insiders.
The document provides an overview of Agnico Eagle Mines Limited's fourth quarter and full year 2013 results. Some key points:
- Record annual gold production of 1.10 million ounces, exceeding guidance of 1.06 million ounces. Total cash costs were $672 per ounce, below guidance of $690.
- Commercial production was declared at the Goldex mine and commissioning is on track at La India.
- A non-cash impairment charge of $436 million was recorded due to the lower gold price environment. The quarterly dividend was also reduced.
- Production is expected to grow moderately through 2016 according to estimates. Capital expenditures are projected to remain at manageable levels.
- Pro
The document provides an overview of Lundin Gold's corporate presentation from August 2021. It cautions readers that some statements constitute forward-looking information and are subject to risks and uncertainties. It then highlights key points from the presentation including gold production and cost guidance for 2021, progress on construction projects to increase throughput, ongoing drilling programs, and regional exploration potential.
Raymond James 35th Annual Institutional Investors ConferenceAgnico Eagle Mines
Raymond James 35th Annual Institutional Investors Conference presentation by Agnico Eagle Mines President and CEO Sean Boyd:
1) Agnico Eagle reported record annual gold production in 2013 of 1.1 million ounces at a total cash cost of $672 per ounce, lower than guidance.
2) Production is forecast to grow moderately through 2016 to 1.25 million ounces annually, from assets located in mining-friendly jurisdictions.
3) Capital spending is projected to remain below $1 billion annually through 2014-2016 to fund production growth from existing operations.
- Lundin Gold exceeded its 2021 gold production and cost guidance, producing over 428,000 ounces of gold
- Throughput at the Fruta del Norte mine was expanded from 3,500 tonnes per day to 4,200 tonnes per day, on time and on budget
- 2022 guidance is for gold production of 405,000-445,000 ounces at a cash operating cost of $860-$930 per ounce and average throughput of 4,200 tonnes per day
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
- Lundin Gold reported strong Q1 2022 results including record quarterly gold production of 121,665 oz.
- Cash costs of $619/oz and AISC of $696/oz were below guidance. Cash flow from operations was $127 million and free cash flow was nearly $92 million.
- Construction of the south ventilation raise is ongoing and expected to be completed by end of Q2 2022. Other capital projects including the third raise of the tailings dam are ramping up.
- Exploration drilling continued during the quarter near FDN and at regional targets Barbasco and Puente Princesa.
- Lundin Gold restarted operations at its Fruta del Norte gold mine in Ecuador in July 2020 after a three month suspension due to COVID-19.
- Production guidance for 2020 is 200,000-220,000 ounces of gold with cash costs of $715-780 per ounce and all-in sustaining costs of $770-850 per ounce.
- The mill is currently running at near design throughput and the mine is ramping up over the next three months. Lundin Gold also has a strong financial position.
- Lundin Gold provided a corporate presentation in May 2021 that included cautionary statements regarding forward-looking information and statements, noting inherent risks and uncertainties.
- The presentation highlighted operational excellence, reserve growth through conversion to long hole stoping, the throughput expansion project, and regional exploration programs.
- In Q1 2021 Lundin Gold produced over 51,000 ounces of gold and remained on track to meet 2021 production guidance.
- Lundin Gold provided a corporate presentation in May 2021 that included cautionary statements regarding forward-looking information and statements, noting inherent risks and uncertainties.
- The presentation highlighted operational excellence, reserve growth through conversion to long hole stoping, the throughput expansion project, and regional exploration programs.
- In Q1 2021 Lundin Gold produced over 51,000 ounces of gold and remained on track to meet 2021 production guidance.
Calibre Mining is building a growth-oriented, Americas-focused mid-tier gold producer through the combination of Calibre and Fiore Gold. The combined company will have annual production of approximately 245,000 ounces at an AISC of $1,020/oz, diversified production across Nicaragua and Nevada, and a strong balance sheet with $101 million in cash and no debt. Calibre plans to grow production organically through exploration and development of its pipeline of projects including Eastern Borosi in Nicaragua and Gold Rock in Nevada.
- Lundin Gold held a conference call to discuss its second quarter 2021 results
- The company produced over 108,000 ounces of gold in the first half of 2021 and remains on track to meet its full year guidance of 380,000-420,000 ounces
- Expansion projects continue on schedule, with the mill expected to reach 4,200 tonnes per day throughput in Q4 2021
- Exploration drilling is underway to expand resources at the Fruta del Norte deposit and test new targets, with over 7,000 meters drilled so far in 2021
This corporate presentation provides an overview of Lundin Gold's Fruta del Norte gold project in Ecuador. It discusses:
1) Lundin Gold achieved commercial production at Fruta del Norte one month ahead of schedule in 2020, though operations were temporarily suspended due to COVID-19. Production for 2020 exceeded guidance.
2) Guidance for 2021 estimates production of 380,000-420,000 ounces of gold, with throughput expansion planned to increase average throughput from 3,500 tpd to 4,200 tpd in Q4 2021.
3) Probable mineral reserves for Fruta del Norte increased 8% to 5.41 million ounces of gold following conversion of drift and fill areas to long
Lundin Gold provided a corporate presentation at the Gold Forum Americas 2021 that included the following key points:
- The company is on track to meet its 2021 production guidance of 380,000-420,000 ounces of gold and all-in sustaining costs of $770-$830 per ounce.
- Exploration drilling continues at the Fruta del Norte mine with the goal of expanding resources and discovering another large deposit.
- Construction is progressing on the mill expansion project, which is expected to increase throughput to 4,200 tonnes per day by the fourth quarter of 2021.
- Lundin Gold continues to generate strong cash flows and has a robust balance sheet to fund ongoing operations and projects.
The document summarizes Lundin Gold's Precious Metals Summit 2021, held November 15-16, 2021. It discusses Lundin Gold's operational excellence, reserve growth, throughput expansion, and exploration activities. Key points include producing 107,663 ounces of gold in Q3 2021, with year-to-date production of 320,599 ounces. Lundin Gold is on track to meet its 2021 production guidance of 380,000-420,000 ounces. It also discusses the company's strong cash position of $221.8 million as of September 30, 2021, ongoing construction projects, and resource expansion and regional exploration drilling programs.
This corporate presentation provides guidance for Lundin Gold's 2021 operations and exploration plans. It also discusses Lundin Gold's COVID-19 protocols and community support programs. Key points include:
- 2021 gold production is estimated between 380,000 to 420,000 ounces at an average mill throughput of 3,500 tonnes per day increasing to 4,200 tonnes per day in Q4.
- Remaining construction projects include completing the South Ventilation Raise and the Zamora River Bridge.
- A $18.6 million throughput expansion is expected to increase production by 20% starting in Q3 2021.
- Exploration drilling will target resource expansion near Fruta del Norte and test new targets including Bar
This corporate presentation provides guidance for Lundin Gold's 2021 operations and exploration plans. It also discusses Lundin Gold's COVID-19 protocols and community support programs. Key points include:
- 2021 gold production is estimated between 380,000 to 420,000 ounces at an average mill throughput of 3,500 tonnes per day increasing to 4,200 tonnes per day in Q4.
- Remaining construction projects include completing the South Ventilation Raise and the Zamora River Bridge.
- A $18.6 million throughput expansion is expected to increase production by 20% starting in Q3 2021.
- Exploration drilling will target resource expansion near Fruta del Norte and test prospects like Barbas
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
- The document summarizes Lundin Gold's fourth quarter 2020 results conference call, which discussed the company's strong operational and financial performance in the second half of 2020 despite challenges from the COVID-19 pandemic.
- Lundin Gold exceeded its production, throughput, grade, and cost guidance for the second half of 2020 and achieved commercial production ahead of schedule in February 2020.
- Construction continues on projects to expand throughput and improve ventilation, with completion expected in the first half of 2021.
- Guidance for 2021 incorporates the planned throughput expansion to over 4,000 tpd by the fourth quarter.
Lundin Gold beat its 2021 gold production guidance and is providing guidance for 2022 of 405,000 to 445,000 ounces of gold production. The company generated $417.8 million in operating cash flow in 2021 and ended the year with $262.6 million in cash. Lundin Gold also continues exploration drilling and construction of the South Ventilation Raise project, with anticipated completion in Q2 2022. The company's strong cash flow positions it to deliver value to shareholders.
The 25th Annual CIBC Western Institutional Investor Conference will take place from January 19th to 21st, 2022. Lundin Gold provides forward-looking statements and cautions that actual results could differ from expectations. Lundin Gold exceeded 2021 gold production guidance and is focused on operational optimization. For 2022, Lundin Gold guidance is for 405,000 to 445,000 ounces of gold production. Lundin Gold has a multi-year outlook showing strong and sustainable free cash flow generation.
Silvercorp Metals is a Canadian mining company and China's premier silver producer. It operates three silver-lead-zinc mines in China - the Ying Mining District, GC Mine, and BYP Mine (currently on care and maintenance). Over its 15+ year mine life at the Ying District, Silvercorp has produced 79 million ounces of silver, 1.1 billion pounds of lead and zinc, and distributed $498 million in profits. Silvercorp is focused on organic growth through exploration and expanding existing operations, as well as pursuing acquisition opportunities. It also has strategic investments in other mining companies. The presentation discusses Silvercorp's operating and financial performance, reserves and resources, growth strategy, ESG objectives, and analyst
This corporate presentation from Solaris Resources provides an overview of the company's copper and gold portfolio in the Americas. Solaris' flagship project is the high-grade Warintza copper project in Ecuador, which has an open pit resource within a large area with potential for further discoveries. The company is also exploring earlier stage copper and gold projects in Chile and Peru for additional discovery potential. Solaris' exploration programs are designed by David Lowell and led by Jorge Fierro to leverage drilling for resource growth and new discoveries. The company is well funded with $47 million in cash and support from strategic partners and insiders.
The document provides an overview of Agnico Eagle Mines Limited's fourth quarter and full year 2013 results. Some key points:
- Record annual gold production of 1.10 million ounces, exceeding guidance of 1.06 million ounces. Total cash costs were $672 per ounce, below guidance of $690.
- Commercial production was declared at the Goldex mine and commissioning is on track at La India.
- A non-cash impairment charge of $436 million was recorded due to the lower gold price environment. The quarterly dividend was also reduced.
- Production is expected to grow moderately through 2016 according to estimates. Capital expenditures are projected to remain at manageable levels.
- Pro
The document provides an overview of Lundin Gold's corporate presentation from August 2021. It cautions readers that some statements constitute forward-looking information and are subject to risks and uncertainties. It then highlights key points from the presentation including gold production and cost guidance for 2021, progress on construction projects to increase throughput, ongoing drilling programs, and regional exploration potential.
Raymond James 35th Annual Institutional Investors ConferenceAgnico Eagle Mines
Raymond James 35th Annual Institutional Investors Conference presentation by Agnico Eagle Mines President and CEO Sean Boyd:
1) Agnico Eagle reported record annual gold production in 2013 of 1.1 million ounces at a total cash cost of $672 per ounce, lower than guidance.
2) Production is forecast to grow moderately through 2016 to 1.25 million ounces annually, from assets located in mining-friendly jurisdictions.
3) Capital spending is projected to remain below $1 billion annually through 2014-2016 to fund production growth from existing operations.
- Lundin Gold exceeded its 2021 gold production and cost guidance, producing over 428,000 ounces of gold
- Throughput at the Fruta del Norte mine was expanded from 3,500 tonnes per day to 4,200 tonnes per day, on time and on budget
- 2022 guidance is for gold production of 405,000-445,000 ounces at a cash operating cost of $860-$930 per ounce and average throughput of 4,200 tonnes per day
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
- Lundin Gold reported strong Q1 2022 results including record quarterly gold production of 121,665 oz.
- Cash costs of $619/oz and AISC of $696/oz were below guidance. Cash flow from operations was $127 million and free cash flow was nearly $92 million.
- Construction of the south ventilation raise is ongoing and expected to be completed by end of Q2 2022. Other capital projects including the third raise of the tailings dam are ramping up.
- Exploration drilling continued during the quarter near FDN and at regional targets Barbasco and Puente Princesa.
- Lundin Gold restarted operations at its Fruta del Norte gold mine in Ecuador in July 2020 after a three month suspension due to COVID-19.
- Production guidance for 2020 is 200,000-220,000 ounces of gold with cash costs of $715-780 per ounce and all-in sustaining costs of $770-850 per ounce.
- The mill is currently running at near design throughput and the mine is ramping up over the next three months. Lundin Gold also has a strong financial position.
- Lundin Gold held a conference call to discuss its third quarter 2020 results and provide an operational update
- In Q3 2020, Lundin mined 265,298 tonnes of ore, processed 324,000 tonnes at an average daily rate of 3,340 tpd with average head grade of 10.4 g/t, and produced 94,250 ounces of gold
- Strict COVID-19 protocols have been implemented at site with only 34 cases identified and no current active cases
- Exploration drilling is expected to start in early 2021 at the high priority Barbasco target located within the same basin as Fruta del Norte
- Throughput expansion and resource expansion drilling programs are also planned to increase production over the
The virtual town hall presentation provided an overview of Lundin Gold's Fruta del Norte gold mine in Ecuador, including:
1) Highlights from the third quarter of 2020, including gold production, costs, and financial results.
2) Details on the underground mine development and plans to expand throughput.
3) Exploration plans to expand resources at nearby targets like Barbasco.
4) Status updates on remaining construction projects and COVID-19 safety protocols.
5) Details on community support programs during the COVID-19 pandemic.
- Lundin Gold declared commercial production at its Fruta del Norte gold mine in Ecuador ahead of schedule in Q1 2020, producing over 51,000 ounces of gold.
- Operations were temporarily suspended in March due to COVID-19 but the company is working to restart operations safely in Q3 2020.
- With a strong financial position and low costs of production, Lundin Gold is well positioned to ramp up operations at Fruta del Norte as one of the few multi-million ounce, high-grade gold assets currently in production.
- Lundin Gold has restarted operations at its Fruta del Norte gold mine in Ecuador after a three month suspension due to COVID-19.
- Production is expected to be between 200,000-220,000 ounces of gold for 2020 as the mine ramps up over the next three months.
- Strict COVID-19 protocols are in place to protect workers, including quarantines, testing, physical distancing, and increased sanitization.
- Lundin Gold has restarted operations at its Fruta del Norte gold mine in Ecuador after a three month suspension due to COVID-19.
- Production is expected to be between 200,000-220,000 ounces of gold for 2020 as the mine ramps up over the next three months.
- Strict COVID-19 protocols are in place to protect workers, including quarantines, testing, physical distancing, and increased sanitization.
Lundin Gold Scotiabank Mining Conference November 30 - December 1, 2021Adnet Communications
The document provides information about Lundin Gold's participation in the Scotiabank Mining Conference on November 30th to December 1st, 2021. It cautions readers about forward-looking statements in the presentation and responses to questions, noting that actual results could differ materially from expectations. It also notes that technical information is based on a 2016 technical report for the Fruta del Norte Project and was reviewed by Lundin Gold's President and CEO. Finally, it provides important information for US investors about mineral resource classifications.
Lundin Gold hosted a conference from January 26th-28th, 2022 to discuss its Fruta del Norte gold mine in Ecuador. The presentation contained forward-looking statements regarding estimates and expectations for gold production, costs, exploration activities, and regional growth opportunities. It cautioned that actual results could differ from expectations due to risks and uncertainties. It also provided 2021 results which exceeded guidance, 2022 production guidance of 405,000-445,000 ounces of gold, and a three-year outlook showing steady production and significant free cash flow. Lundin Gold aims to create shareholder value through operational excellence, growth opportunities, and strong ESG practices.
- Lundin Gold reported strong Q2 2022 results from its Fruta del Norte gold mine in Ecuador, including gold production of 111,890 ounces.
- Based on the strong performance, Lundin Gold increased its 2022 production guidance to 430,000-460,000 ounces of gold and lowered its AISC guidance to $820-$870 per ounce.
- The company also announced its inaugural dividend of $0.20 per share to be paid in September 2022, representing an industry-leading dividend yield of over 5%.
- Lundin Gold held a conference call to discuss its first quarter 2021 results and ongoing operations at its Fruta del Norte gold mine in Ecuador.
- Production and financial results for Q1 2021 were positive, meeting or exceeding guidance. The company is on track to meet its full-year 2021 production and cost guidance.
- Ongoing construction projects like the south ventilation raise and a bridge over the Zamora River are progressing on schedule and budget. An expansion to increase throughput is also on track.
- Exploration drilling started during Q1 at targets near Fruta del Norte, with the aim of expanding resources and finding new deposits.
- Lundin Gold declared commercial production at its Fruta del Norte gold mine in Ecuador ahead of schedule in Q1 2020.
- The mine is expected to produce an average of 325,000 ounces of gold per year with an all-in sustaining cost of $621/oz and generate $20.9 million from initial gold sales in 2019.
- Exploration potential exists within the company's land holdings near Fruta del Norte, with priority targets including Barbasco that shows similarities to the existing mine.
Lundin Gold held a conference call to discuss its fourth quarter and full year 2023 results. Key highlights included producing 481,274 ounces of gold for the full year, generating $263 million in free cash flow, and completing significant drilling and construction projects. Lundin Gold also provided an outlook estimating gold production between 450,000-500,000 ounces for 2024 with cash costs of $680-740 per ounce and AISC of $820-890 per ounce.
This document provides an overview of Lundin Gold's Fruta del Norte gold project in Ecuador. It summarizes that first gold production is expected in Q4 2019 and commercial production in 2020. The mine has probable reserves of 5 million ounces of gold at an average grade of 8.74 g/t. The project is fully funded with construction 65% complete. Exploration potential is also discussed, with high priority targets identified within the underexplored Suarez pull-apart basin structure.
Cash Flow is King at FDN
Lundin Gold generated $91.8 million in free cash flow in Q1 2022, ending the quarter with $336.9 million in cash. The company is strongly positioned to create shareholder value through debt repayment, organic growth opportunities, dividends, and potential M&A transactions. Lundin Gold approved a dividend policy with an anticipated annual payout of $100 million, representing a 5% dividend yield. Ongoing construction projects and resource expansion drilling are ramping up in 2022.
Cash Flow is King at FDN
Lundin Gold generated $91.8 million in free cash flow in Q1 2022, ending the quarter with $336.9 million in cash. The company is strongly positioned to create shareholder value through debt repayment, organic growth opportunities, dividends, and potential M&A transactions. Lundin Gold approved a dividend policy with an anticipated annual payout of $100 million. Construction of the South Ventilation Raise is ongoing and expected to be completed by the end of Q2 2022, while sustaining capital activities and resource expansion drilling are ramping up.
Q4 2022 Conference Call Presentation FINAL (updated).pdfAdnetNew
- Lundin Gold held a conference call to discuss its fourth quarter 2022 results.
- In 2022, Lundin Gold beat its gold production and cost guidance for the second year in a row. It is guiding for increased throughput in 2023.
- Lundin Gold generated $269 million in free cash flow in 2022 and has a three-year outlook that underscores its potential for continued free cash flow.
- Sustaining capital activities like tailings dam raises and resource conversion drilling are ramping up. Near-mine exploration is also in full swing to expand resources.
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- Lundin Gold operates the Fruta del Norte gold mine in Ecuador, which is the first large-scale gold mine in the country.
- In the first half of 2022, the mine produced over 233,000 ounces of gold at an all-in sustaining cost of $770 per ounce, placing it in the lowest quartile of the global cost curve.
- Lundin Gold has upgraded its 2022 production guidance to 405,000 to 445,000 ounces of gold and lowered its all-in sustaining cost guidance to between $860 to $930 per ounce.
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This document provides an overview of Calibre Mining Corp., a mid-tier gold producer focused in the Americas. Calibre operates two mines in Nicaragua, Libertad and Limon, which have produced over 5.5 million ounces of gold historically. Calibre is focused on organic growth through resource expansion and new discoveries at its Nicaraguan assets. It is also advancing the Gold Rock project in Nevada as a potential new source of production. The company has a strong balance sheet and is trading at a significant discount to peers, representing an attractive investment opportunity.
Calibre Investor Presentation May 2022 Final.pdfAdnetNew
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Clean air metals corporate presentation - full versioAdnetNew
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Clean air metals corporate presentation - full versio-dec-23-2021AdnetNew
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2. Caution Regarding Forward-Looking Information and Statements
All statements, other than statements of historical fact, made and information contained in this
presentation and responses to questions constitute “forward-looking information” or “forward-
looking statements” as those terms are defined under Canadian securities laws (“forward-
looking statements”). Forward-looking statements may be identified by terminology such
“believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”,
“intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “will”, “should”
“might”, “will be taken”, or “occur” and similar expressions).
By their nature, forward-looking statements and information involve assumptions, inherent
risks and uncertainties, many of which are difficult to predict, and are usually beyond the
control of management, that could cause actual results to be materially different from those
expressed by these forward-looking statements and information. Lundin Gold believes that
the expectations reflected in this forward-looking information are reasonable as of the date
made, but no assurance can be given that these expectations will prove to be correct. In
particular, this presentation contains forward-looking statements pertaining to: estimates of
gold production, grades, recoveries and costs, expected sales receipts, cash flow forecasts
and financing obligations, capital costs and the expected timing of completion of capital
projects including the south ventilation raise, the Company's bridge over the Zamora River
and the throughput expansion project, the timing and the success of its drill program at
Fruta del Norte and its other exploration activities, the completion of construction and the
Company’s efforts to protect its workforce from COVID-19.
There can be no assurance that such statements will prove to be accurate, as Lundin
Gold's actual results and future events could differ materially from those anticipated in this
forward-looking information as a result of the factors discussed in the "Risk Factors" section
in Lundin Gold's Annual Information Form dated March 2, 2021, which is available
at www.lundingold.com or on SEDAR. Forward-looking information should not be unduly
relied upon.
Except as noted, the technical information contained in this presentation relating to the
Fruta Del Norte Project is based on a Technical Report prepared for the Company entitled
“Fruta del Norte Project, Ecuador, NI 43-101 Technical Report on Feasibility Study” dated
June 15, 2016 with an effective date of April 30, 2016. Information of a scientific and
technical nature in this presentation was reviewed and approved by Ron Hochstein, P.Eng.,
Lundin Gold’s President and Chief Executive Officer, who is a Qualified Persons within the
meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI
43-101”).
Unless otherwise indicated, all dollar values herein are in US dollars.
Important Information for US Investors
This presentation may use the terms “measured", “indicated“, “inferred" and “historical”
mineral resources. U.S. investors are advised that, while such terms are recognized and
required by Canadian regulations, the Securities and Exchange Commission does not
recognize them. “Inferred mineral resources" and “historical estimates” have a great
amount of uncertainty as to their existence and great uncertainty as to their economic
feasibility. It cannot be assumed that all or any part of an inferred mineral resource or a
historical estimate will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or other
economic studies. Further, historical estimates are not recognized under Canada’s NI 43-
101. U.S. investors are cautioned not to assume that all or any part of measured or indicated
mineral resources will ever be converted to mineral reserves.
This presentation is not an offer of securities for sale in the United States or in any other
jurisdiction. The Company’s securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold within the
United States absent registration or an application exemption from registration.
2
3. Delivering Through Volatile Times
3
Operational
Excellence
Reserve Growth
Throughput
Expansion
Exploration
3,500 to 4,200 tpd
Capital cost: $18.6m
Mill throughput of 4,200 tpd to
be achieved in Q4 2021
Fruta del Norte Probable
Mineral Reserves: 5.24 Moz1
Increase of 5% compared to
FY2019 reconciliation
Current, ongoing 10,000m
underground drilling program
offers further upside
9,000m drill program costing
$11m started in Q1 2021
High priority targets: Barbasco
and Puente-Princesa
Targeting discovery of another
Fruta del Norte type deposit
Exceeded 2020 production
guidance
Focused on continued
optimization of operations
Positioned to deliver many
years of significant free cash
flow
1. See the Company’s Annual Information Form dated March 2, 2021, available under the Company’s profile at www.sedar.com
4. 2020 Gold Production (oz gold)
Lundin Gold Beat H2 and FY 2020 Guidance Across All Metrics
4
H2’20 Gold Production (oz gold) H2’20 AISC per oz sold1
1. Please refer to the Company's MD&A for the fourth quarter of 2020 for an explanation of non-IFRS measures used
200,000 – 220,000 oz
Guidance
242,400 oz
Actual
150,000 – 170,000 oz
Guidance
191,080 oz
Actual
$770 – 850/oz
Guidance
$740/oz
Actual
H2’20 Average Mill Throughput
H2’20 Average Head Grade H2’20 Average Gold Recovery
10.3 g/t 86.6% 3,499 tpd
5. 2021 Guidance Incorporates Throughput Expansion
5
1. Please refer to the Company's MD&A for the fourth quarter of 2020 for an explanation of non-IFRS measures used
2021 Gold Production
Average Mill Throughput
Average Head Grade Average Gold Recovery
AISC per oz sold1
380,000 – 420,000
oz gold
3,500 tpd, increasing to
4,200 tpd in Q4
10.4 g/t gold
$770 – 830
per oz gold
90%
6. 2021 Off to a Good Start
6
Q1’21
104,137 oz
Gold produced
324,591
Tonnes milled
11.36 g/t
Average Grade
87.8%
Average Recovery
70,642 oz
Gold as concentrate
33,675 oz
Gold as doré
7. 0
200
400
600
800
1000
1200
1400
1600
1800
2000
0 10 20 30 40 50 60 70 80 90 100
All-In
Sustaining
Cost
(US$/oz)
Percentage (%) of Global Production
Lundin Gold in the Lower Quartile of the Global Gold AISC Curve1
2021 AISC Cash Costs
(per oz Au sold)3
On site operating costs 555 - 585
Royalties & production taxes 90 – 100
Treatment and refining 74 - 83
Corporate Social Responsibility 2 - 4
Silver by product credit (23 - 25)
Cash operating costs 696 - 749
Sustaining Capital & Closure 74 - 81
2021 All-In Sustaining costs 770 - 830
7
Gold Price ~$1,780/oz2
1. SNL Metals and Mining, public company filings 2. Spot gold as at April 20, 2021 3. Please refer to the Company's MD&A for the fourth quarter of 2020 for an explanation of non-IFRS measures used
8. 8
Ongoing Construction Projects
South Ventilation Raise
Completion not currently impacting 2021 production
plans but is required to achieve expanded mining rates
Completion
expected
Q2 2021
Zamora River Bridge
Construction activities have re-started with strict
COVID-19 protocols in place to minimize health risks to
the nearby communities
Completion
expected
Q2 2021
9. Throughput Expansion a Near Term Catalyst
9
Capital Cost: $18.6 million
Key pieces of equipment
ordered
Detailed engineering near
complete
Construction underway
Mine ramping
up to 4,200
tpd in Q3 2021
Mill reaching
4,200 tpd in
Q4 2021
Mine and mill production to increase 20%, from 3,500 to 4,200 tpd, with minimal
disruption to operations
Q4
Q3
Q1 2021
10. Probable Mineral Reserves of 5.24 Moz of
Gold at 8.03 g/t1
10
Result of converting a portion of Drift and Fill mineable orebody sections to
Long Hole Stoping, due to good ground conditions experienced in the mine
December 31,
2019
2020 Reserve2
Processed in
Remainder of
20203
December 31,
20204
Mt 17.6 20.8 0.6 20.3
Au (g/t) 8.74 8.1 9.84 8.03
Au (Moz) 4.99 5.41 0.18 5.24
Ag (g/t) 12.1 11.8 12.04 11.45
Ag (Moz) 6.92 7.68 0.22 7.46
1. See slide 37 for information regarding the assumptions, parameters and risks associated
with the FY2020 reconciliation, along with other disclosure in accordance with NI-43-101
2. As at July 31, 2020
These changes have also resulted in a slight increase to dilution and decrease
in average grade
Mineral Resources estimates at Fruta del Norte were not affected
3. Corresponds to mill feed from August 1, 2020 to December 31, 2020
4. See the Company’s Annual Information Form dated March 2, 2021, available under the
Company’s profile at www.sedar.com.
11. Total of 4.8 Moz of gold production over a 14-year LOM
11
LOM average annual gold production increased from 325,000 to 340,000 oz per year
12. 10,000 m underground drill program underway
Fruta del Norte Resource Expansion Drilling Program
12
South
North
Height
300
m
Grade of Ore Blocks
3-5 – 5.0 g/t in Au
5.0 – 10.0 g/t Au
> 10.0 g/t Au
Fruta del Norte deposit not
fully defined to the south
(Inferred Resource)
Drill program to focus on
opportunities within existing current
reserve boundaries and expansion of
Inferred Resources
13. Fruta del Norte one of the few Multi-Million Ounce, High-Grade Gold
Assets in Production1
13
1. Source: S&P Global Market Intelligence Metals and Mining, company reports, Lundin Gold Annual Information Form dated March 2, 2021
Producers with gold reserves > 4 million ounces
14. 14
Objective is to discover another Fruta del Norte type
gold-silver epithermal deposit
Regional Exploration Potential
Suarez Pull
Apart Basin –
38 km2
FDN East
FDN SW
Alejandro
La Negra Norte
Barbasco
Emperador
El Puma
Fruta del Norte
Gata Salvaje
Puente-Princesa
La Negra
Guayacan
Lora
Key exploration ground is the 38 km2 Suarez Pull-Apart Basin
The Basin remains essentially untested and geological
conditions are similar to those at Fruta del Norte
In Q3 2020, permits for drilling two high priority targets,
Barbasco and Puente-Princesa, were received
Many more additional targets yet to be evaluated
15. 15
9,000 m Drill Program Began in Q1 2021
Barbasco
• Similar surface expressions, structural location and orientation to Fruta del Norte
• Small scale epithermal gold-silver stockwork veins in the area have assayed up to
10.4 g/t Au
• 6,000 m drill program testing at least three sections across the 3.8 km long anomaly
• Program to be expanded to include second drill rig
Puente-Princesa
• Has outcropping epithermal Au-Ag mineralisation along Basin margin - including 10
m @ 4.89 g/t Au in a 2004 trench
• Untested pathfinder element anomalies exist in the Suarez basin conglomerates
• 3,000 m drill program will test geochemical anomalies
Projected Regional Exploration Expenditure: $11 million
Puente-
Princesa
Fruta del Norte
Suarez Pull Apart
Basin - 16 km
strike length
Barbasco
17. ESG at The Forefront of What We Do
17
Environmental Governance
Social
Lost time injury rate
Ecuador procurement spending
• Lundin Gold will continue to see significant relative
and absolute changes in its GHG emission profile as
FDN ramps up its production. Normalized emission
figures will be provided once the mine has
completed approximately one full year of operation.
1. In 2019, the cumulative total land disturbed and not yet rehabilitated was 378 hectares
+50%
Director
independence
30%
Next 3-year gender
diversity target
• Improving ESG disclosure reporting in accordance
with:
• Adopting TCFD recommendations and
incorporating climate-related risk into disclosures
• We have also adopted or endorsed the following
international charters, principles or initiatives:
− United Nations Global Compact
− United Nations Guiding Principles on Business
and Human Rights
− IFC Performance Standards on Social and
Environmental Sustainability
− GRI Standards for Sustainability Reporting
− Signatories of the UN Women’s Empowerment
Principles (WEPS)
17
Establishing a community-based water
monitoring program with 17 communities
surrounding Fruta del Norte
1
57
103
2017 2018 2019
Hectares
FDN area revegetated for improved erosion control1
• Lundin Gold has been recognized and awarded 3
times in the last 4 years for its sustainable
development best practices by United Nations
Global Compact.
18. Commitment to Education
Together with local communities, Lundin Gold has long prioritized actions to improve the quality of
local education
Lundin Gold and its partners contributing over $500,000 in 2021 to facilitate learning from home for local schoolchildren
18
19. 19
Mining playing an important part
in Ecuadorian economic growth
Mineral Resources now represent one of Ecuador’s top five exports
$810 million1
Total exports generated
by mining sector in
Ecuador during 2020
$430 million1
Taxes paid in 2020 by
mining companies in
Ecuador
$374 million1
Direct foreign investment
for Ecuador during 2020
The Zamora Chinchipe economy can benefit as a direct result of Fruta
del Norte
8.5x
Projected growth of Yantzaza’s
economy over the next 7 years
$160 million
Local fiscal resources over the LOM (vs.
2018 Yantzaza budget of $10m)
$1 billion
LOM royalties and taxes
expected to be paid
$891 million
Lundin Gold domestic
purchases (2017 – 2020)
$3.6 - 5.7
billion
FDN contribution to
Ecuador’s GDP over LOM
1. Source: Bloomberg
Lundin Gold will contribute to Ecuador’s economy for years to come
20. Strong Shareholder Base
20
1. Data presented on slide as at April 20, 2021
LUNDIN GOLD SHARE
PRICE (CAD/sh)
12.05
LUNDIN GOLD SHARE
PRICE (SEK/sh)
78.85
TSX: LUG / OMX: LUG
Shares Outstanding: 231.6 M Market Cap:C$2,714 M
59%
5%
18%
18% Strategic
Management
Institutional
Retail
21. Analyst Coverage
21
1. All ratings and target price as at April 20, 2021.
2. Lundin Gold is followed by the analysts listed above. Note that any opinion, estimates or forecasts regarding the Company made by these analysts are the analysts’ opinions and do not represent
opinions, estimates or forecasts of the Company or its management. Lundin Gold does not imply endorsement by the analyst coverage referenced above.
Firm Analyst Rating and Target Price (C$)1
BMO Capital Markets Brian Quast Outperform, $16.00
CIBC World Markets Bryce Adams Outperform, $15.00
Cormark Securities Nicolas Dion Buy, $15.00
Haywood Securities Kerry Smith Buy, $15.50
National Bank of Canada Jonathan Eglio Outperform, $13.75
Nordea Equity Research Christian Kopfer Target price and rating on hold
Scotiabank Trevor Turnbull Outperform, $15.00
Stifel GMP Ian Parkinson Buy, $15.50
SpareBank 1 Markets Vidar Lyngvær Buy, SEK 100 / CAD $15.00
TD Securities Arun Lamda Buy, $16.00
22. Lundin Gold – Value Creation Opportunities
2021 production estimated between 380,000 - 420,000 oz based on an
average head grade of 10.4 g/t Au and an average gold recovery of 90%
Increasing mine and mill throughput 20% from 3,500 to 4,200 tpd at a cost
of $18.6 million
Continuing with underground resource expansion drill program
Have begun regional exploration drill program at high-priority Barbasco
target
22
Operational
Excellence
Reserve Growth
Throughput
Expansion
Exploration
2021 Catalysts
24. Non-Executive Board of Directors, Management and Operations Team
24
Lukas Lundin Carmel Daniele Ian Gibbs Chantal Gosselin Ashley Heppenstall Paul McRae Craig Jones Bob Thiele Istvan Zollei
Chairman Director Director Director Director Director Director Director Director
Ron F. Hochstein Alessandro Bitelli Sheila Colman Nathan Monash David Dicaire Iliana Rodriguez Chester See
President, CEO &
Director
EVP, CFO VP, Legal and
Corporate Secretary
VP, Business
Sustainability
VP, Projects and
General Manager
VP, Human
Resources
VP, Finance
Doug Moore Juan Carlos Contreras Murray Wright
Mine Manager Mill Manager Supply Chain Manager
25. 2020 Was a Year of Two Halves for Lundin Gold
Achieved commercial production in
February 2020 - ahead of schedule
Operations temporarily suspended in
March 2020 due to the COVID-19
pandemic
Restarted operations in July 2020 with
strict COVID-19 protocols in place
Beat gold production and AISC guidance
for H2 and FY 2020, driven by stronger
than expected recovery, grade, and
throughput realized.
Announced that throughput will be
expanded from 3,500 tpd to 4,200 tpd
in 2021
Increased Probable Mineral Reserves
to 5.24 Moz1
25
H1 2020 H2 2020
1. Please refer to the Company’s Annual Information Form dated March 2, 2021, available under the Company’s profile at www.sedar.com for information on Mineral Reserve estimates for
Fruta del Norte, including related assumptions, parameters and risks.
26. Robust Performance despite COVID
26
Q4’20 20201
202,830 oz
Gold produced
$773/oz sold
AISC2
10.0 g/t
Average Head Grade
87.2%
Average recovery
3,448 tpd
Average Mill Throughput
96,830 oz
Gold produced
$747/oz sold
AISC2
10.1 g/t
Average Head Grade
88.6%
Average recovery
3,665 tpd
Average Mill Throughput
1. The 2020 Operating Period relates to the period from the start of commercial production on March 1 to December 31.
2. Please refer to the Company's MD&A for the fourth quarter of 2020 for an explanation of non-IFRS measures used
27. Key Operating and Financial Results
27
Q4 2020 Operating Period 20201
Ore mined (tonnes) 350,474 672,906
Ore processed (tonnes) 337,146 724,007
Average mill throughput rate (tpd) 3,665 3,532
Average head grade (g/t) 10.1 10.0
Average recovery (%) 88.6 87.2
Gold ounces produced 96,830 202,830
Concentrate 56,900 136,756
Doré 39,930 62,500
Gold ounces sold 106,190 199,256
Q4 2020 FY 2020
Net revenues ($’000) 189,250 358,1562
Income from mining operations ($’000) 94,857 172,3862
Net income (loss) ($’000) (1,233) (47,158)
Average gold sale price ($/oz sold) 1,850 1,8662
Average cash operating costs ($/oz sold)3 627 6672
Average all-in sustaining costs ($/oz sold)3 747 773
Operating cash flow per share ($)3 0.41 0.50
Adjusted net earnings ($’000)3 76,224 105,914
Adjusted net earnings per share ($)3 0.33 0.47
1. Operating results are provided for the ten-month operating period from March 1, 2020, following declaration of commercial production, to December 31, 2020 (the “2020 Operating Period”)
2. Amount relates to the 2020 Operating Period
3. Please refer to the Company's MD&A for the fourth quarter of 2020 for an explanation of non-IFRS measures used
28. Responsible Mining
28
Lundin Gold Inc is committed to responsible mining, and therefore operates our facilities
according to 3 fundamental principles: working safely, environmental stewardship, and
respect in each of our activities
We seek to create enduring relationships with local communities and stakeholders and to
address social challenges that are priorities both for communities and for the business
through partnerships, and in doing so, help create value for a range of stakeholders.
Mining Is a Catalyst for Sustainable Business Development
Local Hiring Local Procurement Impact Investing
88% of Lundin Gold’s
workforce is from Ecuador1:
− 47% from the province
− 41% rest of Ecuador
− 12% foreign personnel
1. As at November 2020 2. January 2017 – November 2020
Spent ~$88 million on goods
and services in the in the
province2.
During development, over 300
Ecuadorian suppliers provided:
− Construction materials
− Transportation
− Site support services
− Food and other perishables
Lundin Gold and the Lundin Foundation
work with local enterprises to increase
economic diversification:
− Takataii: agricultural development
program focused on producing and
selling of short cycle agricultural
products supplies multiple vendors
− Nexo, Conexión Empresarial: education
program that strengthens the skills of
local micro-entrepreneurs so that they
can access new business opportunities
https://lundingold.com/site/assets/files/16806/sustainability_report_2019_september.pdf -
29. 29
A leading ESG strategy
• 2358 direct and indirect jobs as of
February 2020
- Zamora Chinchipe: 46%
- Rest of Ecuador: 45%
- Foreign Personnel: 9%
Investment: + $10 million (2015-2019)
• Some highlighted projects:
- Extraordinary High School
- Training for Operations Program (PCOM)
- “Ser Bachiller” Program
Domestic Purchases 2017-2019
• During construction, more than 300
providers.
• 2019: $28M within Yantzaza Canton
• 2020: $23M in Zamora Chinchipe Province
Investment: $20 million (2015-2020)
• Domestic Economy Strengthening Projects:
- Catering las Penas, Community health,
Integrated farms, Nexo Conexion
Empresarial, etc.
Thematic Dialogue Tables:
• Promotion of values
• Environmental responsibility
• Employment
• Local business opportunities
• Agricultural and productive development
• Traffic accidents and road infrastructure
• And many more….
Environmental Management Plan
• Prevention, mitigation, minimization
control and compensation of potential
impacts
Biodiversity Conservation Program:
• Contributed to the conservation of
biodiversity and ecosystem services in
FDN’s area of influence.
30. Proactive and Strict Response to COVID
30
All personnel entering site must go
through a 7-day quarantine period
followed by PCR test
Some employees are working from
home to reduce personnel on site
Prevention At Site Community
Rotations extended to minimize
travel and logistics
Additional transportation and on-
site protocols include:
− Physical distancing
− Wearing masks onsite at all times
− Frequent disinfection of
equipment and facilities onsite
and when entering site
Supporting local government and
Ministry of Health initiatives
Donating medical supplies and
equipment
Educating about COVID-19 and
steps to take to reduce transmission
31. Impact Investing to deal with COVID-19
In 2020, Lundin Gold has continued to invest in local development with a wide range of partners
In 2020, focus has been on direct COVID-19 response and mitigating its impacts on local communities
31
32. Supporting Local Governments and Communities During COVID-19
32
Local government authorities including the
parishes, municipalities and province
Health districts and local hospitals
Local community and civil organizations
National police and army
Medical Supplies
Gloves, KN95 masks,
biosafety suits, chlorine,
alcohol-gel, protective
glasses
Equipment
Ambulance, disinfection
machines, etc.
Awareness Campaign
Education about COVID-
19 and steps to take to
reduce transmission
Food Kits
Essential food for
vulnerable families
Logistics-Mobilization
Transportation for the
"Neighborhood doctor"
program
Infrastructure
Rural road maintenance
in Los Encuentros Parish
Working with the following groups: Donating supplies and services:
33. 21 km of Underground Mine Development Completed1
33
2,201 km developed during the fourth quarter / Rates averaged 23.9 m per day in December
1. As at December 31, 2020
35. Newcrest Financing Package and Senior Debt Facility
35
Gold Pre-Pay and Stream Finance Package
Gold Prepay Credit Facility of US$150 million, repayable in 19 fixed
quarterly principal and interest instalments equivalent to the value of
9,775 oz gold (raising to 11,500 oz and 13,225 if the gold price is less
than $1,436 and less than $1,062, respectively) based on spot at time
of payment starting December 2020 and ending 2025.
− First payment made under the gold prepay in December 2020.
Stream Credit Agreement of US$150 million, repayable in variable
monthly principal and interest instalments equivalent to the delivery of
7.75% gold production and 100% silver production, based on spot at
time of payment less US$400/ounce Au and US$4.00/ounce Ag, up to a
maximum of 350,000 oz of gold and 6 million oz of silver.
− Payments commenced upon achievement of Commercial Production in
February 2020
− Option to buy back 50% of the stream in June 2024 and 50% in June 2026
Offtake agreement for up to 2.5 million ounces refined gold
Senior Debt Facility
$350 million from lenders syndicate
− 7 lenders and 1 export credit agency
− Tranche A: US$250 million senior commercial facility.
− Tranche B: US$100 million senior covered facility under a raw
material guarantee provided export credit agency.
− Term: eight and half years, maturing in June 2026.
− Annual interest: 3 or 6 month LIBOR plus an average margin of
approx. 5.05% (Tranche A) and 2.50% (tranche B) over the term.
Fully drawn at end of 2019.
Repayable in variable quarterly instalments starting at the end of 2020
and maturing in June 2026.
First payment made in December 2020
36. Government Agreements
The Company has all the major agreements and permits with the Government of Ecuador in place
36
The Exploitation Agreement The Investment Protection Agreement
• The Exploitation Agreement sets out the rights and obligations of the
Government of Ecuador and Aurelian as mining concessionaire with respect to
the Project and incorporates:
• Term: affords the mining concessionaire the right to develop and produce
gold from the Project for 25 years
• Fiscal Terms: describing royalties, windfall tax and sovereign adjustment
mechanisms
• Security: acknowledges the financing requirements and provides the ability
and authorisation to grant security
• Enforcement: provides acknowledgement that the Lenders are entitled to
foreclose without authorisation from the mining concessionaire or the
Government of Ecuador
• Dispute Resolution Procedures: arbitration under UNICTRAL rules (in
Santiago, Chile)
• The Investment Protection Agreement primarily deals with tax and mining
regulatory stabilisation and other investment protection mechanisms. Key
benefits include:
• Income tax rate fixed at 22%
• Exemption from the capital outflow tax of 5% on payments of principal and
interest to financial institutions outside of Ecuador
• The ability to obtain benefits granted by the Government of Ecuador through
future investment protection agreements with other investors in similar
projects in Ecuador
• No restrictions to transfer or assign all or part of the investment, including
the right to assign its rights to any financing parties
• Other benefits granted to Aurelian include no restriction to:
• produce and sell minerals;
• import and export goods; and
• establish, maintain, control, or transfer funds abroad, provided statutory
remittances and obligations have been met
Both the Exploitation Agreement and the Investment Protection Agreement were signed in December 2016
37. Mineral Resources
NI 43-101 Mineral Resources - Mineral Resources, inclusive of
Mineral Reserves as at December 15, 2015
37
Category
Tonnage
(M t)
Grade
(g/t Au)
Contained Metal
(M oz Au)
Grade
(g/t Ag)
Tonnage
(M oz Ag)
Indicated 23.8 9.61 7.35 12.9 9.89
Inferred 11.6 5.69 2.13 10.8 4.05
Notes:
1. The Qualified Person for the estimate is Mr. David Ross, P.Geo., an employee of RPA. The estimate has
an effective date of 31 December, 2015.
2. Mineral Resources are reported inclusive of Mineral Reserves; Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.
3. Mineral Resources are reported at a cut-off grade of 3.5 g/t Au; which was calculated using a long term
gold price of US$1,500/oz.
4. Mineral Resources are constrained within underground mineable shapes that assume a minimum
thickness of 2 m; metallurgical recovery of 94%; total operating costs of US$145/t milled (mining cost
of US$60/t milled; process costs of US$35/t milled; G&A costs of US$15/t milled; surface infrastructure
costs of US$28/t milled; concentrate transport and treatment costs of US$7/t milled); royalties of
US$71/oz and selling costs of US$65/oz.
5. Numbers may not add due to rounding.
6. For information with respect to the key assumptions, parameters and risks associated with the results
of the Technical Report for the Project, the Mineral Resource and Mineral Reserve estimates included
therein and other technical information, please refer to the Technical Report.
1. The 2020 Reserve has been estimated in accordance with CIM Standards and NI 43-101. The 2020 Reserve is as at July 31,
2020 and reflects mill feed from January 1, 2020 to July 31, 2020.
2. Additional information on Mineral Resource and Mineral Reserve estimates for Fruta del Norte is contained in the in the
Technical Report which is available under the Company's profile on SEDAR. Except as set out below, the assumptions,
parameters and risks associated with the Company's Mineral Resource and Mineral Reserve estimates set out herein are as
set out in the Technical Report.
3. All Mineral Reserves presented are Probable Mineral Reserves. No Proven Mineral Reserves were estimated.
4. Mineral Reserves were estimated using key inputs listed in the top right table.
5. Gold cut-off grades for the different mining methods are listed in the bottom right table.
6. Silver was not considered in the calculation of the cut-off grade.
7. Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places, and silver grades are rounded
to one decimal place. Tonnage and grade measurements are in metric units; contained gold and silver are reported as
thousands of troy ounces.
8. Rounding as required by reporting guidelines may result in summation differences.
Notes to Probable Mineral Reserve Update
Key Input
December
31, 2019
2020
Reserve
December
31, 2020
Unit
Gold Price 1,250 1,400 1,400 $/oz
TS 48 47 47 $/t
D&F 81 69 69 $/t
Process, Surface Ops, G&A 58 57 57 $/t
Dilution Factor 10 8 8 Percent
Concentrate Transport& Treatment 68 92 92 $/oz
Royalty 71 77 77 $/oz
Gold Metallurgical Recovery 91.7 91.7 91.7 Percent
Gold Cut-off Grade
December
31, 2019
2020
Reserve
December
31, 2020
Unit
Transverse Stope 3.8 3.8 3.8 g/t
Drift and Fill 5.0 4.4 4.4 g/t